It said farm income should not become an escape route for unaccounted money holders in the wake of recent demonetisation action on old Rs 500/1,000 notes as well as changes in tax laws, and government need to be vigilant to curb such activities.

Stating that government has no plans to bring farm income under the tax ambit, Income Tax department is being tasked with verifying the genuineness of income over Rs 1 crore for assessment years from 2007-08 to 2005-16.

"I dont think the market is range bound it is just pausing after the fall," said CNBC-TV18s Consulting Editor Udayan Mukherjee. The market is moving towards 8500 mark, but moves beyond that looks unlikely.

Income Tax department had over 4.72 crore "effective assessees", including people who filed ITRs, and who paid TDS but did not filed returns, in 2012-13. However, individuals who filed return of income for tax paid accounted for 1 percent of population that year.

As part of a transparency drive, the government has made public direct tax data for last 15 years. Data for individuals has been published only for 2012-13 assessment year, which shows taxes for income in financial year ended March 31, 2012.

The Centre has issued notices to all the people named in the Panama Papers but tax laws do not allow the proceedings to be made public till cases are filed in courts, said Union Finance Minister Arun Jaitley in Lok Sabha on Friday.

Corporate tax collections haverisen nearly 12-fold in last 15 years and personal income tax9 fold but share of direct taxes in the economy has fallen toalmost a decade low of 5.47 per cent, according to direct taxdata published by the government today.

Even as prices of pulses went through the roof these last few months, the Centre and state governments haven't been sitting idle. After a series of raids, the Maharashtra government has decided to enact a law to cap the maximum prices of the pulses.